Council to remove last shopping centre traders using CPO powers

Southwark bails out Delancey by purchasing E&C shopping centre and LCC in order to override traders' and residents' legal rights.

In an extraordinary move Southwark Council is poised to ‘buy’ both the Elephant and Castle shopping centre and the London College of Communication from current owners, developer Delancey and the University of the Arts London (UAL). It is also excercising Compulsory Purchase Order (CPO) powers over the shopping centre site, on behalf of Delancey’s British Virgin Islands registered offshore subsidiary1.

  1. According to Southwark, Delancey is not the developer, but rather the advisor to the so-called ‘Triangle Partnership’, which is a partnership between the Dutch pension fund APG; Qatari Diar and Door SLP (a joint venture involving Delancey’s DV4 offshore property fund). There are further partnerships within this Triangle, detailed in the Report: E&C CPO para 12. Southwark refer to the developer as Elephant & Castle Properties Co. Limited (“EC”) registered offshore in the BVI. We continue to refer to the developer by the commonly known name of ‘Delancey’. 

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Shopping centre traders demand fair play

Elephant traders to send deputation to Southwark Council Assembly

A deputation of shopping centre traders are due to attend Southwark Council’s Assembly meeting tomorrow, to demand fair treatment from developer Delancey and the Council. This follows Delancey’s announcement that it intends to close the centre on 30 July 2020. All the businesses in the centre, including the market traders, must move before then, but despite a relocation package about 60 traders still have nowhere to go, according to research by local charity Latin Elephant. Representatives from Latin Elephant and Southwark Law Centre will be joining the traders on the deputation.

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